US economy grew at moderate 2.2 percent in fourth quarter
Source: AP-Excite
By MARTIN CRUTSINGER
WASHINGTON (AP) — The U.S. economy slowed more sharply in the final three months of the year than previously believed, reflecting weaker business and a bigger trade deficit.
The Commerce Department said Friday that the economy as measured by the gross domestic product grew at an annual rate of 2.2 percent in the October-December quarter, less than the 2.6 percent first estimated last month. It marked a major slowdown from the third quarter, which had been the strongest growth in 11 years.
Economists remain optimistic that the slowdown will be only temporary. In fact, many forecast that growth will accelerate to above 3 percent in 2015, which would give the country the strongest economic growth in a decade.
Many analysts believe the year will start slowly, in part reflecting the disruptions caused by a rough winter. However, it's unlikely to be as bad as the first quarter of 2014, when heavy snow and cold contributed to a 2.1 percent plunge in growth in the first quarter of 2014.
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In this Tuesday, Feb. 3, 2015 photo, a construction worker stands on an outside balcony at Brickell City Centre, a $1.05 billion mixed-use development is located in Miami's financial district. The Commerce Department issues its second of three estimates of how fast the U.S. economy grew in the October-December quarter on Friday, Feb. 27, 2015. (AP Photo/Lynne Sladky)
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